49-1302. Long-term water augmentation fund

346 words·~2 min read·/az/title-49/49-1302

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The long-term water augmentation fund is established to be maintained in perpetuity consisting of all of the following:

1. Monies received from the issuance and sale of long-term water augmentation bonds under section 49-1309.

2. Monies appropriated by the legislature to the fund.

3. Monies received for any allowable purpose of the fund from the United States government.

4. Monies received as loan repayments, interest, administrative fees and penalties.

5. Monies from any lawful activities of the authority, including public-private partnership agreements relating to water supply development projects.

6. Interest and other income received from investing monies in the fund.

7. Gifts, grants and donations received for purposes of the fund from any public or private source.

B. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. On notice from the authority, the state treasurer shall invest and divest monies in the fund as provided in sections 35-313 and 35-314.03, and monies earned from investment shall be credited to the fund.

C. All monies shall be deposited, pursuant to sections 35-146 and 35-147, in the fund and shall be held in trust. The monies in the fund may not be appropriated or transferred by the legislature to fund the general operations of this state or to otherwise meet the obligations of the state general fund unless approved by a three-fourths vote of the members of each house of the legislature.

D. The authority shall administer the fund. The authority shall establish as many other accounts and subaccounts as required to administer the fund. If any long-term water augmentation bonds are issued under section 49-1309, the authority shall establish one or more bond proceeds accounts and one or more bond debt service accounts as necessary to accurately record and track bond proceeds and debt service revenues.

E. The authority shall use the monies and other assets in the fund solely for the purposes authorized by this chapter.

F. Monies in the fund may be used for securing long-term water augmentation bonds of the authority.